Max Healthcare Institute Ltd (MAXHEALTH.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+25.9%

₹1,119.38

vs ₹889.35 price

Levered DCF

₹847.98

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

8.01

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	64.62×	97.89×	75.05×	38.76×	55.62×	-129.4×	63.14×	-1,995.54×
P/B	8.67×	11.29×	9.44×	5.77×	5.35×	3.15×	6.08×	6.23×
P/S	11.13×	15.07×	14.68×	9.38×	8.54×	7.08×	5.67×	3.54×
EV / EBITDA	40.74×	57.35×	52.42×	34.58×	35.19×	44.25×	79.65×	43.86×
Gross margin	78.6%	62.3%	62.0%	62.1%	55.6%	50.9%	55.7%	50.2%
Operating margin	21.5%	41.3%	41.4%	40.4%	33.4%	28.3%	26.9%	45.8%
Net margin	17.2%	15.3%	19.6%	24.2%	15.4%	-5.5%	5.6%	-0.2%
Current ratio	0.89×	0.88×	1.37×	1.86×	1.32×	1.45×	0.52×	0.39×
Debt / equity	0.32×	0.32×	0.16×	0.09×	0.18×	0.24×	1.77×	1.04×
Interest coverage	7.64×	17.59×	37.34×	22×	13.04×	3.96×	3.43×	8.06×
Dividend yield	0.2%	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	10.1%	13.5%	9.2%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.4%	11.5%	12.6%	14.9%	9.6%	-2.4%	6.0%	-0.3%
Return on invested capital	9.9%	16.3%	15.9%	20.2%	12.6%	9.0%	9.2%	-0.8%
Return on assets	8.4%	7.1%	8.8%	10.9%	6.6%	-1.6%	1.5%	-0.1%
Free cash flow yield	0.2%	0.5%	0.4%	2.0%	0.6%	-0.0%	2.7%	-0.4%
Earnings yield	1.5%	1.0%	1.3%	2.6%	1.8%	-0.8%	1.0%	-0.1%
Enterprise value	₹960.4B	₹1.1T	₹797B	₹434.4B	₹344.6B	₹184.6B	₹74.8B	₹70B
Net debt / EBITDA	1.19×	1.23×	0.21×	0.51×	0.84×	1.67×	15.69×	6.23×
Cash conversion cycle (days)	-110	-61	-73	-69	-41	-56	39	-31